Aker Solutions has secured a significant three-year contract extension to an existing framework agreement for work at North Sea fields operated by ConocoPhillips Skandinavia AS (ConocoPhillips).

Aker Solutions will continue as ConocoPhillips' main supplier of maintenance and modifications work offshore Norway. The agreement runs from January 2024 until the end of 2026.

The contract value will be determined by future call-offs for maintenance and modifications work and could range between NOK 500 million and NOK 800 million per year. This estimate does not represent a minimum or maximum amount and is subject to change.

"We are pleased to continue our longstanding relationship with ConocoPhillips and look forward to continue to deliver our solutions and services to one of the largest maintenance and modifications portfolios offshore Norway," said Paal Eikeseth, executive vice president and head of Aker Solutions' electrification, maintenance and modifications business.

The work will be managed and executed by Aker Solutions’ office in Stavanger and fabrication yard in Egersund, as well as providing work for the company’s offshore employees.

The contract will be booked as order intake in the second quarter of 2022 in the Electrification, Maintenance and Modifications segment.

About Aker Solutions

Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution we accelerate the transition to sustainable energy production. Aker Solutions employs approximately 15,000 people in more than 20 countries.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $91 billion of total assets and approximately 9,900 employees at Dec. 31, 2021. Production including Libya averaged 1,567 MBOED for the 12 months ended Dec. 31, 2021, and proved reserves were 6.1 BBOE as of Dec. 31, 2021.